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Dec 9, 2012 3:55pm EST
. what we are finding is too many seniors and up in a situation where they cannot cover their taxes and we lead to a situation where they have more leverage, more debt, than their home is worth by the time they are ready to sell at home. >> because of that change, that is what resulted in the huge, $2.90 billion? >> for most of the new loans we are making, they are at this full-draw, and there will be enormous losses going forward because of that feature. >> ok. also, the last time you testified before the committee, we discussed the national mortgage sediment. can you talk briefly about the fund, how it has benefited from the settlement? >> in the most direct way, it has benefited by well over $1 billion that came directly to the fund from that settlement. or that series of settlements. also important, though, is we put in place, not just for fha loans, but for every kind of loans that were part of it, new standards for how they foreclose on loans, how they work with troubled borrowers, and those changes will have very important effects in the long run, because we will have fewer f
Search Results 0 to 0 of about 1